The growing demand for advanced agricultural equipment in the developing economies such as China and India are fueling the growth of gardening and agricultural equipment market. The growing DIY trend amongst the people is significantly contributing to increasing the demand in the market. The favorable government policies highlighting the importance of community gardens is is expected to fuel the demand for gardening equipment in the coming years. The rise in consumer interest in the commercialization of private gardens is pushing ahead the sales in the market. Owing to the high demand for egronomic designs in the gardening equipment, many companies are investing in such products. Lack of any physical labor in operating the ergonomic equipment is inflating the adoption rate of this equipment, especially in people with physical ailments such as arthritis. With booming real estate segment, the demand for these equipment in rising in city planning projects and residential complexes in developing and developed economies. Government support in terms of loan and credit schemes provided to farmers for the procurement of agricultural tools has a major role to play in the market expansion. Prominent players profiled in the global market are Briggs & Stratton Corporation, The Toro Company, Deere & Company, Hitachi Construction Machinery Co. Ltd., Mahindra & Mahindra Ltd., Robert Bosch GmbH and Honda Motor Co., Ltd.
The population explosion across the globe, especially in developing countries such as India and China has triggered the need for advanced agriculture equipment. It has been projected that the world population will increase by over 30% by the end of 2050. The population is anticipated to be more prosperous and urbanized in upcoming years, with a better standard of living and healthier diet needs. Pressing need for food is expected to surge the demand for agricultural products, which will increase the demand for technologically advanced gardening and agricultural equipment.
Use of gardening equipment is expected to surpass agricultural equipment
The increasing DIY trend amongst people is a factor contributing towards the increase of the o the growth of gardening equipment market. The obtainability of various versatile equipment with ergonomic designs has resulted in a rise in the demand for gardening equipment globally. As per U.S. Government’s instructions and guidelines, community garden plots are also deliberated as an important part of society, which will continue to fuel the need for gardening equipment in near future. The accessibility of modern designed equipment for various sizes of gardens assists the users to choose different gardening equipment.
Tautened rules and protocols concerning periodic conservation of gardens in community and private premises seem to boost consumer interest in gardening, which in turn pushes the sales of gardening equipment in the DIY market. Ergonomic designs for gardening equipment is one of the most significant driving factors for the global gardening equipment market. Many companies are adopting ergonomic designs in gardening equipment; AMES Companies, Inc. has developed products with ergonomic designs, as people prefer equipment that cause less strain while gardening. Digging equipment developed by Radius Garden have eGrip and comfort GEL technology in them. Gardening equipment can be daunting to people who have arthritis or any other joint problems, and hence, people prefer to opt for ergonomic gardening equipment. People tend to choose gardening equipment that are ergonomic, which eradicate pressure and give a good grip so as to eliminate the possibility of injuries.
Among city planners and real estate agents, the demand for landscaping in commercial as well as residential areas has risen substantially. Around more than 60% of people tend to pay more for an apartment or residential space with more gardening area. The demand for landscaping is rising in order to provide an artistic appeal to residential and commercial properties. Landscaping adds to the resale value of a building, and speeds up its sale. A few other advantages of landscaping include restoring native plants to residential landscapes, adding plants indoors to improve the quality of air and human productivity, using plants as a food source within the residence, and for efficient waste removal by creating residential composting systems.
Adoption of agriculture equipment is likely to rise owing to shift in work format and growing government subsidies
In many countries, the governments provide extensive upkeep to farmers to procurement agricultural tools to work more efficiently. Government offers crop loans, credit schemes, and subsidize interest rates, which trigger the growth of agricultural equipment market. The demand for agricultural equipment is anticipated to foresee noteworthy growth over the course of the forecast period. This strong growth can be attributed to shift of agricultural activities from animal or manually operated to professional work. Dynamics such as rising urbanization rate, government initiatives, and timesaving are altering the focus of farmers to automation and refining their investment power.
An outlook of the global gardening and agriculture equipment market with citation to the global industrial automation industry
Players in the industrial automation and equipment industry continue to face an environment that remains hyper-competitive. Evolution in end-user demand is influencing players in the industrial automation and equipment landscape to optimize their manufacturing process. Sluggishness in the oil & gas industry, muted growth in automotive sales, and stagnancy in the agriculture sector have posed challenges to players in the recent past.
With the increase in oil rigs and natural gas projects being quoted, various companies are making reinvestments, to either cater requirement of preventative maintenance or for generating a better ROI. Investing in infrastructure development remains a top priority for the industrial automation and equipment companies, with improvements in energy- and operational-0efficiency gaining center stage.
The development of streamlined 2-3 layer automation systems helped the industry in lowering maintenance costs and enhancing performance. The trend towards simplification of 5 layer system model, which the automation industry has been focusing on over the years, is witnessing acceleration. Innovation in development of controllers, sensors and intelligent devices has meant that today’s computing processes are more effective.
Continuous advances are witnessed in the progressive integration of information technology (IT) and operational technology (OT), along with the evolution of business systems for handling real-time transaction processing. Building blocks are being offered by innovators, designed specifically for accomplishing the aim of ‘connected enterprise’. New intelligent nodes, operating at the network edge for improving efficiency and performance of manufacturing processes, are offered by rapid propagation of technologies & concepts associated with Internet of Things (IoT).
A major challenge encountered by the global industrial automation and equipment industry is absence of multi-vendor application portability. Innovation is stifled without open ecosystems offering portable applications to vendor platforms. On account of this, non-traditional suppliers have embarked on launching next-generation products that are embedded with IoT software.
List of factors tracked in the Industrial Automation Market Report
PMR utilizes robust methodology and approach to arrive at market size and related projections. The research methodology for this report is based on 3 dimensional model. We conduct about 45-60 min duration detailed interviews with product manufacturers; apart from this we also collect market feedback from industry experts. To validate this data, we interact with senior panel members having more than 10 years of experience in relevant field. The panel members help in validating the findings and fill the gaps if any. In addition, we leverage on our existing pool of information, paid database and other valid information sources available in public domain. Usually industry interactions extend to more than 50+ interviews from market participants across the value chain.
PMR collects data from secondary sources including company annual reports_bk_01_01_2020, association publications, industry presentations, white papers, and company press releases apart from these we leverage over paid database subscriptions and industry magazines to collect market information and developments in exhaustive manner. After being done with desk research, detailed questionnaire and discussion guide is formulated to initiate primary research with key industry personnel; the discussion aims at collecting key insights, growth perspectives, prevalent market trends and quantitative insights including market size and competition developments. Both of these research approaches help us in arriving at base year numbers and market hypothesis.
In this phase,PMR validates the data using macro and micro economic factors. For instance, growth in electricity consumption, industry value added, other industry factors, economic performance, growth of top players and sector performance is closely studied to arrive at precise estimates and refine anomalies if any.
Data Analysis and Projection
Data analysis and projections were made based on proprietary research frameworks and statistical analysis, which was further validated from industry participants. These frameworks include Y-o-Y growth projections, macro-economic factor performance, market attractiveness analysis, key financial ratios, and others.
For public companies we capture the data from company website, annual reports_bk_01_01_2020, investor presentations, paid databases. While for privately held companies, we try to gather information from the paid databases (like Factiva) and based on the information we gather from databases we estimate revenue for the companies. In addition, the team tries to establish primary contact with the companies in order to validate the assumptions or to gather quality inputs.
Standard Report Structure
The global gardening and agriculture equipment market has been segmented into: